Some of the major players of the cryptocurrency industry have banded together to create a coalition of crypto groups with an aim to promote market integrity of digital assets. The coalition was given the name “Crypto Market Integrity Coalition,” or CMIC.
On the CMIC official website, they state their wish to “enable a safer crypto ecosystem” and encourage other companies that work with digital assets to join their ranks and share their mission of greater crypto adoption.
Seventeen companies have joined the pledge so far, with some of the big names including Coinbase, Bitstamp, and Huobi Tech. The firms are not limited to exchanges, though. The list is composed of several law firms dealing with cryptocurrencies, for example, Global Digital Finance, as well as risk management firms, such as Solidus Labs, and digital assets trade associations, namely The Chamber of Digital Commerce and CryptoUK.
The public and regulators have made their concerns clear, and the pledge’s initial goal is to bring unity and action at an industry level, across CeFi, DeFi, and all digital assets, said Asaf Meir, Co-founder and Chief Executive of Solidus Labs.
“Fair and transparent markets are crucial to the continued growth and use of digital assets,” adds Teana Baker-Taylor, Chief Policy Officer at the Chamber of Digital Commerce. “The CMIC Market Integrity Pledge establishes a baseline of sound business practices and accountability on the part of Coalition members to promote, contribute to, and build sustainable markets [...].”
The offset of the coalition brings about the first major grouping of such kind in the crypto industry. As several major players already took the pledge and became a part of the coalition, other crypto firms are expected to join the efforts of the good cause gradually over time.